Ireland's beef sector could benefit from demand in key EU export markets in 2023

Published Dec 18, 2022

Tridge summary

The 2023 Economic Outlook for Irish Agriculture report by Teagasc has warned that a shift in consumer preference in the UK towards British beef could negatively impact the Irish beef industry in 2023. The report highlighted a decrease in beef retail consumption in the UK and a rise in consumer prices for sirloin/rump steak, which could positively affect the Irish beef sector, given its dependence on UK exports. However, the industry needs to diversify its markets as the UK's share of Irish beef exports has declined in recent years. The report also mentioned an increase in consumer prices for beef across the EU, especially in France and Germany, which could provide new opportunities for the Irish beef sector.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

A growing “preference” among consumers in the UK to buy beef “sourced” in Britain could pose an issue for the Irish beef industry in 2023, Teagasc has warned. Traditionally, the UK has been seen as Ireland’s second “home” market, but the latest dynamics in buying patterns may put further pressure on the beef industry to develop new markets to reduce its dependency on the UK market. The Teagasc 2023 Economic Outlook for Irish Agriculture report highlights that beef retail consumption in the UK fell back in 2022. The report also details that demand switched back towards the “foodservice options”. In contrast however, UK consumer prices for sirloin/rump steak grew and the Teagasc report details, hit record levels in “sterling terms” during the second half of the year. “This is a positive development for the beef sector in Ireland given the importance of exports to the UK,” the report said. Source: Teagasc Outlook 2023 The latest report by the Teagasc agricultural economics and farm ...

Source: AgriLand